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Yes. The minimum initial investment for the North Growth US Equity Fund is
$150,000.
Yes. The minimum initial investment for the North Growth Canadian Equity Fund
is $150,000.
Yes. The minimum investment for the North Growth Canadian Money Market Fund is
$150,000.
The funds do not have a prospectus. Units of funds are available pursuant to
exemptions from the registration and prospectus requirements of provincial
securities Acts.
There is no difference.
There is only one NGM US Equity Fund. Clients can subscribe to or redeem units
of the fund in US or in Canadian dollars. Each unit of the fund has a US dollar
value and a corresponding Canadian dollar value. The apparent difference in
performance between the two is attributed to fluctuating foreign exchange
rates.
Yes, with the removal of the foreign content rules all of our funds are RRSP
eligible.
There are several reasons. In addition to the US having the largest economy and
equity market in the world, the US market is:
-
Extremely dynamic
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A leader in technological innovation and business trends
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Unmatched in choice of industries and the size of its players
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Very resilient to short-term corrections and bear markets
Equities have been the best securities investment in the US in every decade
except the 1930s.
Although the fund is not focused strictly on small- to mid-cap stocks it has
significant representation in those areas.
The primary focus of the fund is potential high-growth investments regardless
of capitalization size. We base our assessment for high-growth on a company’s
underlying business characteristics and determine if its stock is undervalued
in the market.
| |
Dec-98 |
Dec-99 |
Dec-00 |
Dec-01 |
Dec-02 |
Dec-03 |
Dec-04 |
Dec-05 |
Dec-06 |
| Large Cap |
25.7% |
19.9% |
5.2% |
9.1% |
22.1% |
40.1% |
55.6% |
60.3% |
74.3% |
| Mid Cap |
15.1% |
22.6% |
41.1% |
33.9% |
29.6% |
31.0% |
25.0% |
22.4% |
12.3% |
| Small Cap |
50.8% |
26.8% |
21.8% |
20.2% |
44.6% |
26.7% |
17.9% |
15.2% |
12.1% |
| Cash |
8.4% |
30.7% |
32.0% |
36.9% |
3.7% |
2.3% |
1.5% |
2.1% |
1.3% |
Definitions: Large Cap greater than $10 billion; Mid Cap between
$2 billion and $10 billion; Small Cap less than $2 billion |
Because the NGM US Equity Fund is relatively small, our managers have the
flexibility to invest in very small-cap stocks as well as very-large ones.
Managers of very large funds don’t have this freedom. This flexibility gives us
an advantage. We can invest in high-growth companies of all capitalization
sizes, even micro-cap stocks, although it’s rare.
Shares and unit certificates are not issued.
But units of the funds can be used as bank-collateral two ways:
1. Registering units in the bank’s name in trust for the unitholder
2. The bank accepts an undertaking by North Growth Management Ltd.
Yearly capital gains made in the North Growth
Equity Fund are allocated to unitholders pro rata at year end. T3 forms
are issued stating the amount of capital gains unitholders must declare on
their tax returns.
If the fund earns interest income throughout the year, it’s also allocated and
stated on the unitholder’s T3 form.
Please get in touch with us for more
detailed information.
Disclaimer: This summary is not, and is not intended to be, tax
advice to any particular individual. Please seek tax advice from your tax
professional.
We have a company policy that our employees are required to do all their US and
Canadian investing through mutual or pooled funds, North Growth’s own, if
possible. This is a zero tolerance policy.
Our employees are also required to disclose all their equity trading
transactions every month other than mutual/pooled fund transactions or
investments in private companies.
RBC Dexia Investor Services Trust is North Growth’s trustee company. Deloitte
& Touche is our auditor.
Canadian Western Trust is the Trustee for NGM RRSP and RRIF accounts.
Yes. Units in Canadian trust portfolios are not subject to US succession
duties. Holding US stocks directly are considered ‘American assets’ and are
subject to succession duties upon your death. These duties can be very high,
55% for wealthy individuals. Each state collects these duties at varying rates.
Your succession duties are determined by where your stocks are domiciled.
Canada doesn’t have succession rates. But the government considers capital
gains on Canadian trust units as disposed when you pass away unless you’ve made
spousal arrangements.
Disclaimer: This summary is not, and is not intended to be, tax
advice to any particular individual. Please seek tax advice from your tax
professional.
There are a few strict rules for our funds:
-
North Growth will not borrow money to make investments
-
We will not use options or future contracts
-
We will not invest in tobacco company stocks
Globefund's
glossary of mutual fund terms is very useful.
Your question not on our list? Just ASK NGM.
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